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Tata Consultancy Services’ Strong Value Proposition, Cloud Transformation Strategy, and Robust Set of Horizontal and Vertical Cloud Solutions are Cited as Key Strengths
NEW YORK | MUMBAI, April 2, 2024: Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS) has been positioned as a Leader in Everest Group’s PEAK Matrix® for Cloud Services in Insurance.
According to the report, TCS has a strong value proposition and cloud transformation strategy around smart orchestration of applications, technology and data to create a smart cloud; while enabling insurers to build a digital core and focus on purpose-led modernization to maximize value. The report also speaks about TCS’ consulting-led integration approach, deep domain expertise, and solutions contextualization that has enabled it to gain wallet share across all major clients’ cloud-related high-value workstream.
It goes on to say that meaningful investments in building a partner ecosystem including public and private cloud providers, and SaaS platform providers, along with strong relationship with hyperscalers to steer joint go-to-market motions has helped TCS gain significant mindshare. Highlighted as key strengths are TCS’ robust set of horizontal cloud solutions, as well as vertical focus through its BaNCS Insurance cloud offering, an end-to-end core insurance administration platform helping insurers leverage cloud-native capabilities.
“Cloud is fast evolving as a central capability for carriers in their digital journey to deliver enhanced customer interactions, innovative business propositions and lower operating costs. The insurance value chain lends itself to the transformation impact from cloud and AI across agents and brokers on the field to underwriters and claim handlers. With our continued investments in cloud native capabilities, AI infused solutions and value chain aligned differentiators, TCS is helping insurers in their digital transformation journeys,” said Susheel Vasudevan, Business Group Head, BFSI – Americas, TCS. “This positioning as a Leader reflects our unwavering commitment to help our insurance clients maximize the value of their cloud investment, create alternative revenue streams and unlock the next growth phase.”
With over four decades of experience in insurance, TCS delivers a full spectrum of services to stakeholders at insurance companies across business, operations, and IT. TCS harnesses its collective expertise in insurance around the world to provide client-contextualized advisory services on current insurance industry challenges. It has a comprehensive portfolio of services comprising of application and digital services, infrastructure services, cognitive business operations, product implementation services, platform solutions and Business Process as a Service (BPaaS). Some of the key cloud fueled business transformation themes driven by TCS in recent times include:
Based on the belief that cloud provides insurers a fundamental technology capability that enables every business capability, TCS continues to significantly invest in developing innovative cloud-driven solutions both on the business and technology lead business transformation front. A key offering is TCS BaNCS Cloud for Insurance, a SaaS-based digital policy administration platform.
“TCS’ focus and messaging on purpose-led cloud modernization and smart orchestration of applications, technology, and data to create a unified smart cloud for insurers, has helped to drive top-line growth,” said Aaditya Jain, Vice President, Everest Group. “Significant investments into building industry-specific solutions and scaling hyperscaler-specific BUs; GTM efforts to define a tailored business case with a focus on value maximization have contributed to TCS’s positioning as a Leader on Everest Group’s inaugural Cloud Services in Insurance PEAK Matrix® Assessment 2023.”